Ah, Victory! And now, for the details. (Small Biz Bill and what's in it)

quiet.american

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Thu Sep-16-10 04:43 PM
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Ah, Victory! And now, for the details. (Small Biz Bill and what's in it)

A few bullet points (the rest can be found http://boss.blogs.nytimes.com/2010/09/14/what-the-latest-senate-small-business-jobs-bill-offers/">here):

Capital gains exclusion. The bill temporarily increases to 100 percent the capital gains exclusion for stock issued by some small businesses from the time the bill is enacted through the end of the year. The gain is limited to 10 times the original investment or $10 million, whichever is greater. It is not subject to the alternative minimum tax.

Section 179 expensing. The bill would temporarily increase the first-year write-off for business equipment under Section 179 from $250,000 to $500,000 and raise the cap on eligible expenditures that triggers a phase-out of the incentive from $800,000 to $2 million. It would expand Section 179 to cover improvements to some real property. These provisions expire after 2011.

Start-up deduction. The bill would increase, for 2010, the deduction for start-up expenditures to $10,000, from $5,000, and raises the cap on expenditures that triggers a phase-out of the deduction to $60,000, from $50,000.

Deduction for health insurance costs. The bill would permit self-employed business owners to deduct their family�s health insurance expenses from their self-employment tax income in 2010.

Deducting cellphones. The bill makes it easier to deduct or depreciate cellphones by removing them from the category of �listed property.� Listed property, when it is not used by the business more than half the time, is subject to stringent limits on deductions and depreciation.

General business 7(a) loans. The bill would extend through 2010 the 90 percent guarantee level and waived borrower fees first enacted in the 2009 stimulus. (These provisions largely expired in May.) It would also permanently raise the maximum loan size to $5 million from $2 million.

Microloans. The legislation would permanently increase the maximum size of a microloan to $50,000, from $35,000, and increase the amount a microlender can borrow from the S.B.A. to $5 million from $3.5 million.

Small-business lending fund and aid to state lending funds. The legislation creates a $30 billion fund to encourage small-business lending by banks with less than $10 billion in assets. Banks that make more small-business loans pay a lower dividend on the money they borrow than banks that don�t. It establishes a $1.5 billion fund to assist state and local government programs to help businesses receive capital.

Source:
http://boss.blogs.nytimes.com/2010/09/14/what-the-latest-senate-small-business-jobs-bill-offers/">NYT: What the Latest Senate Small-Business Jobs Bill Offers

And how is is paid for? With $30 billion in repaid TARP funds.

Go, Dems, go!

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yowzayowzayowza

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Thu Sep-16-10 08:37 PM
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1. That looks like a good solid step forward!!

Thx q.a!!!

:kick:

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quiet.american

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Thu Sep-16-10 10:32 PM
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4. Hello, Yowza! Pretty awesome stuff in there for small biz owners. nt

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Diamonique

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Thu Sep-16-10 09:32 PM
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2. So is it ready for Obama's signature? Or are there still more hoops to be jumped through? nt

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quiet.american

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Thu Sep-16-10 10:30 PM
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3. Back to the House for passage (passage is expected) and then, all ready for the Prez to sign.

NYT:
http://www.nytimes.com/2010/09/15/us/politics/15cong.html?_r=1&scp=1&sq=small%20business%20lending&st=cse

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Cha

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Thu Sep-16-10 11:23 PM
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5. Thanks for the wonk version, q.a!~

With you having that logo as your avatar and such..I think it's growing on me..as in Dems are right on Target! Those Determined Dems

I got an email from Tim Kaine asking if I wanted them to send me a free sticker? :P

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quiet.american

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Fri Sep-17-10 12:39 AM
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6. You know I gotta wonk out once in a while, Cha!

Edited on Fri Sep-17-10 12:39 AM by quiet.american

Yeah, it's growing on me, too!

Unapologetic Dem with a capital

here!

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